Builder Meritage Homes Corp. has priced $300 million in senior unsecured notes due 2022 to qualified institutional buyers under Rule 144A.
Processing Content
The Scottsdale, Ariz.-based Meritage priced the notes at par with a 7% coupon.
Meritage said it would use some of the net proceeds from the offering to purchase or redeem all $285 million aggregate principal amounts of its 6.25% senior notes due 2015.
In addition, the builder said it plans to use some remaining net proceeds and available cash to repurchase about $26 million in outstanding 7.731% senior subordinated notes due 2017.
